In the past 24 hours, the volume traded on the Bitcoin futures platform of the leading cryptocurrency exchange Binance was $700 million versus $800 million recorded on its spot exchange.

“Talk about demand and fast-up take,” Zhao said while adding, “The product also handled the large volatility with no significant issues. First live test.”

CZ’s comments came after a user took to Twitter to share the data stating that 75,000 BTC was traded on Binance futures platform with no auto-deleverage being triggered. The user further continued by laying out that risk engine was processing error free while matching engine was working as designed that is running fast.

Another ATH yesterday – 75k BTC being traded, no auto-deleverage was trigged, risk engine was processing error freely, matching engine was running fast as it is designed.

Just about two weeks back, Binance launched its futures platform, that allows speculators to bet on BTC price whether it is going up or down. It made a good start, trading $170 mln with a maximum leverage of 20x.

Lacklustre performance of Bakkt

However, competition in the digital asset futures market is stiff, more so with the launch of Bakkt that offers the physical delivery of daily and monthly bitcoin futures for institutional investors.

However, Bakkt recorded a volume of mere 72 BTC on its first day. In comparison to CME’s — that launched BTC futures in December 2017 — the volume of 5,298 BTC, this figure was meager.

“Don’t overlook today,” Michael Sonnenshein, managing director of Grayscale Invest adding, “This is an important development for the maturation of the $BTC market.”

Su Zhu, CEO and co-founder of the investment firm Three Arrows Capital, shares similar views. “Bakkt will be likely first a trickle and then a flood,” he wrote.

Don’t be fooled by the Dump, $7,500 is the “opportunity of a lifetime”

However, much-anticipated launch of Bakkt saw BTC price free falling to $8,025 level which eToro analyst, Mati Greenspan says is the case of ‘buy the rumor, sell the news’ at a “very large scale.”

Does this mean, Bakkt was over-hyped? Economist and trader Alex Kruger says, that’s “debatable” as the platform is giving institutions a venue to trade and hold physical bitcoin.

“(Bakkt) It's a door. It's now open. Institutions will trickle in,” he added.

Trader Crypto squeeze also says, “Bakkt is great for further institutional adoption for Bitcoin in long term.”

He warns investors to not be fooled by the short dump thinking that Bitcoin will make a repeat like 2017 when CME launched BTC futures. Bitcoin, according to him is not going to $3,000, rather a chance to buy BTC at around $7,500 is the “opportunity of a lifetime.”

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer